Second Quarter Review and 2025 Outlook

What just happened? In a quarter that opened with the tumult of a massive new tariff regime-in-formation, markets showed remarkable resilience. The arrival of “Liberation Day” on April 2 triggered pullbacks of 10% or more across the S&P 500® Index, Dow Jones Industrial Average, and NASDAQ Composite indices. However, when the president paused tariffs for three months through July 9th, the bounce back was on; the S&P 500® and NASDAQ would close the quarter at all-time highs. This rally was fueled in part by strong earnings led by technology bellwethers, important to keep in mind as earnings season moves into full swing in July.